Can someone explain the current state and anticipated future of NJ teacher pensions?

Discussion in 'General Education' started by bartleby, May 8, 2015.

  1. bartleby

    bartleby Rookie

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    May 8, 2015

    As someone who has little to zero understanding of finance, can anyone give me a rundown of NJ teacher pension status? I feel like I should understand if I want to pursue teaching. I know there have been battles. I have been doing some reading online, but is there anything better than having teachers actually teach it to me?

    Thanks for any help, I appreciate it!
     
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  3. Jerseygirlteach

    Jerseygirlteach Groupie

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    May 8, 2015

    The pension system is underfunded and going bankrupt. Christie and his predecessor haven't been fully funding it despite being ordered by the courts to do so. The teachers make their full contributions and the state does not.

    No one really knows what will happen. Right now, the Christie administration is proposing freezing the pension system and starting over with a 401k type plan instead. Union members are, overall, horrified with this - rightfully so. Resolutions and compromises need to be made, though, because without it, the system will run out of money soon.

    So basically, it's a dreadful nightmare. :(
     

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